Mexichem enters VCM venture with Pemex

2:15 PM MDT | September 12, 2013 | Francinia Protti-Alvarez

Pemex Petroquímica (Coatzacoalcos), the petrochemical subsidiary of Petroleos Mexicanos (Pemex; Mexico City); and Mexichem (Tlalnepantla, Mexico) have fulfilled the requirements necessary for them to form a previously announced joint venture to produce vinyl chloride monomer (VCM), Mexichem has announced. The jv earlier encountered administrative hurdles that, at one point, threatened its formation. Creating the jv involves a cash investment and contribution of assets totaling $518 million. Pemex will contribute $228 million in assets, and...